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Shares in Suning Commerce Group, China’s biggest appliance retailer, rose 1% today after a company backed by its billionaire chairman said it had increased its stake.

Suning Appliance Group bought a total of 36.7 million shares, or 0.5% of the listed company, for 182.8 million yuan, or $29.7 million, between June 19 and 27, according to an announcement at the Shenzhen Stock Exchange today. Suning Appliance Group is 28% owned by Zhang Jindong, Suning Commerce Group’s chairman.

Suning Commerce’s shares have tumbled 40% in the past year amid slower growth in retail spending and costly efforts to build up its e-commerce business. The company, whose China business partners include Microsoft and Whirlpool, competes in China with 360buy, Amazon and Wal-Mart, among others.